The global paralleling switchgear market is driven by an increased demand for paralleling switchgear in various industries, including manufacturing, oil & gas, and mining.
WILMINGTON, Del., Nov. 2, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "The Paralleling Switchgear Market is segmented on the basis of type, voltage, application, end use, and region. By type, it is bifurcated into open transition paralleling switchgear and closed transition paralleling switchgear. By voltage, it is categorized into low voltage and medium voltage. By application, it is segmented into prime, standby, peak shave, and others. By end use, it is divided into commercial, industrial, utilities, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA: Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global paralleling switchgear industry generated $1.7 billion in 2022, and is estimated to reach $3.0 billion by 2032, witnessing a CAGR of 6.3% from 2023 to 2032.
Paralleling switchgear is an essential component in various infrastructure and industrial applications where backup power is required. It offers benefits such as reliability, redundancy, scalability, efficiency, safely, quick respose, and many more.
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Prime determinants of growth
The global paralleling switchgear market is driven by an increased demand for paralleling switchgear in various industries, including manufacturing, oil & gas, and mining. In addition, government initiatives and investments in infrastructure and energy projects, including microgrids and rural electrification, are expected to offer new opportunities in the global paralleling switchgear market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $1.7 billion |
Market Size in 2032 | $3.0 billion |
CAGR | 6.3 % |
No. of Pages in Report | 456 |
Segments covered | Type, Voltage, Application, End Use, And Region. |
Drivers | Robust demand from the commercial sector |
Increase in demand for paralleling switchgear from renewable energy integration | |
Opportunities | Increase in demand for paralleling switchgear from the building and construction industry |
Restraints | Complexity and high-cost maintenance |
The open transition paralleling switchgear segment to maintain its leadership status throughout the forecast period
Based on type, open transition paralleling switchgear segment held the highest market share in 2022, accounting for more than three-fifths of the global paralleling switchgear market revenue and is estimated to maintain its leadership status throughout the forecast period. Open transition paralleling switchgear is commonly used in applications where a brief interruption in power is acceptable, such as in many industrial processes, commercial buildings, and residential backup generator systems. As industrial and commercial sectors expand, there is a greater demand for electrical infrastructure which ensures power continuity. However, closed transition paralleling switchgear segment is projected to manifest the highest CAGR of 6.4% from 2023 to 2032.
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The medium voltage segment to maintain its leadership status throughout the forecast period
Based on voltage, medium voltage segment held the highest market share in 2022, accounting for more than two-third of the global paralleling switchgear market revenue and is estimated to maintain its leadership status throughout the forecast period. Market growth is expected to vary by region due to differences in infrastructure development, industrial growth, and energy demands. Furthermore, ongoing advancements in switchgear technology, including digital controls, monitoring capabilities, and automation enhance the efficiency and performance of medium voltage paralleling switchgear. However, low voltage segment is projected to manifest the highest CAGR of 6.5% from 2023 to 2032.
The standby application segment to maintain its lead position during the forecast period
Based on application, the standby segment accounted for the largest share in 2022, contributing to more than two-fifths of the global paralleling switchgear market revenue, and is estimated to maintain its leadership status throughout the forecast period. As renewable energy sources such as solar and wind power become more prevalent, standby paralleling switchgear requires integrating these intermittent sources into the electrical grid and ensure power availability during low production periods. Stringent safety regulations and requirements in various industries and regions lead to the adoption of compliant standby paralleling switchgear systems. However, peak shave segment held the major CAGR of 6.9% in 2032.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global paralleling switchgear market revenue and is estimated to maintain its leadership status throughout the forecast period. Increasing population-driven electricity consumption, expanding industrial expansion, and increased demand for automobiles are the region's primary drivers. China has a massive industrial sector, including automotive manufacturing, electronics production, and heavy machinery. These industries require a stable and reliable power supply, and paralleling switchgear is crucial for ensuring uninterrupted operations. India has been investing in renewable energy, particularly solar and in wind power generator sector. This, driving the market growth. However, Europe region held the major CAGR of 10.7% in 2032.
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Leading Market Players: -
- GENERAL ELECTRIC COMPANY
- CATERPILLAR INC.
- CUMMINS INC.
- KOHLER CO.
- PIONEER POWER SOLUTIONS
- REGAL BELOIT CORPORATION
- SCHNEIDER ELECTRIC SE.
- ADVANCED POWER TECHNOLOGIES
- INDUSTRIAL ELECTRIC MFG
- EMI
The report provides a detailed analysis of these key players in the global paralleling switchgear market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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